Intangible Assets and Goodwill

9 Months Ended

Oct. 03, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

NOTE 5. INTANGIBLE ASSETS AND GOODWILL

Intangible Assets

The following table presents a summary of our intangible assets:

	As of
	Third Quarter of 2025						Year End 2024
	Gross						Gross
	Carrying		Accumulated		Net Carrying		Carrying		Accumulated		Net Carrying
(In millions)	Amount		Amortization		Amount		Amount		Amortization		Amount
Developed product technology	$	817.4	$	(588.5)	$	228.9	$	819.0	$	(561.2)	$	257.8
Customer relationships	1,274.6		(540.0)		734.6		1,175.5		(440.2)		735.3
Trade names and other intellectual properties	36.0		(32.1)		3.9		39.0		(34.0)		5.0
	$	2,128.0	$	(1,160.6)	$	967.4	$	2,033.5	$	(1,035.4)	$	998.1

The estimated future amortization expense of intangible assets at the end of the third quarter of 2025 was as follows:

(In millions)
2025 (Remaining)	$	43.7
2026	171.0
2027	157.7
2028	143.5
2029	122.0
Thereafter	329.5
Total	$	967.4

Goodwill

The changes in the carrying amount of goodwill by segment for the first three quarters of 2025 were as follows: 

	AECO		Field Systems		T&L		Total
(In millions)
Balance as of year end 2024	$	1,986.1	$	958.2	$	2,044.1	$	4,988.4
Decreases due to divestitures	—		—		(3.6)		(3.6)
Foreign currency translation and other adjustments	50.6		17.8		183.9		252.3
Balance as of the end of the third quarter of 2025	$	2,036.7	$	976.0	$	2,224.4	$	5,237.1